Simplify Asset Management Inc. Reduces Position in Phathom Pharmaceuticals, Inc. $PHAT

Simplify Asset Management Inc. reduced its position in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) by 38.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 321,935 shares of the company’s stock after selling 200,000 shares during the quarter. Simplify Asset Management Inc. owned 0.45% of Phathom Pharmaceuticals worth $3,789,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of PHAT. Frazier Life Sciences Management L.P. boosted its holdings in Phathom Pharmaceuticals by 23.3% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 12,466,489 shares of the company’s stock valued at $119,554,000 after acquiring an additional 2,357,210 shares during the period. Invesco Ltd. boosted its stake in shares of Phathom Pharmaceuticals by 13.4% during the second quarter. Invesco Ltd. now owns 4,140,072 shares of the company’s stock valued at $39,703,000 after purchasing an additional 489,260 shares during the period. 683 Capital Management LLC grew its holdings in shares of Phathom Pharmaceuticals by 45.7% in the second quarter. 683 Capital Management LLC now owns 2,105,000 shares of the company’s stock worth $20,187,000 after purchasing an additional 660,000 shares during the last quarter. Geode Capital Management LLC increased its stake in Phathom Pharmaceuticals by 5.3% in the 2nd quarter. Geode Capital Management LLC now owns 1,069,927 shares of the company’s stock worth $10,263,000 after buying an additional 53,504 shares during the period. Finally, Moore Capital Management LP bought a new stake in Phathom Pharmaceuticals during the 2nd quarter valued at about $5,754,000. Hedge funds and other institutional investors own 99.01% of the company’s stock.

Phathom Pharmaceuticals Trading Down 1.9%

Shares of NASDAQ PHAT opened at $17.22 on Tuesday. The stock has a market capitalization of $1.23 billion, a PE ratio of -4.51 and a beta of 0.43. The stock’s fifty day simple moving average is $14.84 and its two-hundred day simple moving average is $12.09. Phathom Pharmaceuticals, Inc. has a 12-month low of $2.21 and a 12-month high of $18.31.

Phathom Pharmaceuticals (NASDAQ:PHAT) last released its quarterly earnings results on Thursday, October 30th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.15. The company had revenue of $49.50 million during the quarter, compared to the consensus estimate of $47.03 million. On average, equities analysts predict that Phathom Pharmaceuticals, Inc. will post -4.78 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PHAT has been the topic of a number of research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research report on Wednesday, October 8th. HC Wainwright raised their price objective on Phathom Pharmaceuticals from $20.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Craig Hallum reaffirmed a “buy” rating and set a $22.00 target price on shares of Phathom Pharmaceuticals in a research report on Friday, October 31st. Guggenheim reiterated a “buy” rating and issued a $20.00 target price on shares of Phathom Pharmaceuticals in a report on Thursday, October 30th. Finally, Barclays started coverage on Phathom Pharmaceuticals in a research note on Monday, December 8th. They set an “equal weight” rating and a $16.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.00.

Phathom Pharmaceuticals Company Profile

Phathom Pharmaceuticals is a clinical‐stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases. The company’s core mission centers on addressing serious GI disorders by leveraging innovative mechanisms of action to improve patient outcomes. Phathom’s research and development efforts concentrate on conditions such as Helicobacter pylori infection, erosive esophagitis, gastroparesis and other functional GI disorders where significant unmet medical needs persist.

The company’s lead asset is vonoprazan, a potassium‐competitive acid blocker (P-CAB) licensed for use in the United States.